Floor Plan Assistant

Application Requirements

APPLICANTS

All persons aged 18 and older must submit an application and will be considered a responsible leaseholder. If a person aged 18 or older is a legal dependent of the applicant AND proof of legal guardianship is provided, he/she will not be required to submit an application. Criminal screening, however, is required for ALL persons aged 18 and older. Rental history will be verified for all applicants, including guarantors.

IDENTIFICATION

All persons aged 18 and over residing in the household will be required to provide valid government-issued identification.

INCOME

Verifiable combined monthly income (garnishable and non-garnishable) for all applicants that is equal to or greater than 3 times the monthly rental amount is preferred. If verifiable monthly income is 2.5-2.99 times the monthly rental amount, an increased security deposit will be required. Monthly income that is less than 2.5 the monthly rental amount will require a guarantor.

Verification of income amount is required before application approval is finalized.

Acceptable documentation includes:
• current, consecutive pay stubs from the most recent pay periods over a minimum of one month
• offer letter on verifiable company letterhead with human resource contact listed
• current bank statements
• Leave and Earning Statement (LES) for active military
• individual tax returns
• W2s from previous calendar year
• current I20s (international students)
Hand-written notes are not acceptable forms of verification.
For applicants qualifying based on assets only, original copies of savings accounts, stocks, bonds, mutual funds, money market accounts, or trust funds are required for the previous 2 months showing more than eight times the monthly rental amount.
Self-employed individuals are required to provide proof of income consisting of 12 months of bank statements as well as deposit slips showing the last 60 days of income. Additional information such as verified business statements/projection schedules signed by an independent source may be required.
If unemployed or if verifiable income can not be provided, use of a guarantor may be an option.

GUARANTOR REQUIREMENTS

Guarantors must have at least 4 accounts established for 1 year and in good standing.
Guarantors’ rent to income ratio must be less than or equal to 25%; income must be at least four times the monthly rental amount.
Guarantors must complete an application, pay the application processing fee, and sign the Guarantor Agreement.

RENTAL HISTORY

Applicants should have a minimum of 12 months satisfactory rental history or proof of home ownership.
Satisfactory history is defined as:
• no more than two (2) late payments
• no more than two (2) returned checks
• adequate notice to vacate